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Annual Report 2019
Annual Report 2019
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Annual Report 2019
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Table of contents for the Annual Report 2019 report

Operational review
Key FiguresTo our shareholdersAbout Precious Woods / Sustainability
VisionProducts and marketsGoal of sustainable growthManagement organization with strong market orientationSustainable forestry in all dimensionsMarket opportunities thanks to sustainability certificates for tropical woodContribution to the UN Sustainable Development GoalsPrecious Woods Amazon: Close ties with the local populationPrecious Woods in Gabon – Projects for the protection of flora, fauna, and biodiversitySounding BoardInstitutional framework as opportunity and challengeIllegal logging threatens certified timber trade and sustainable developmentCarbon FootprintThe role of forestry in the current climate change debateMilestones Precious Woods
Group results
Income statementBalance sheet
Brazil
Higher harvest volume, increased production volumes, higher yieldContinued high resources for legacies and special factorsSocial and environmental sustainabilityOutlook for 2020
Gabon
Negative development of productivity and profitabilityMore difficulties than usualProgress in social and environmental sustainabilityOutlook for 2020
TradingCarbon & Energy
Emission certificates thanks to residual wood in BrazilianEmission trading together with myclimatePrecious Woods Carbon & Energy
Corporate Governance
1. Group structure and shareholders2. Capital structure3. Board of Directors4. Group Management5. Compensation, shareholdings, loans6. Shareholders’ rights of participation7. Changes of control and defense measures8. Auditor9. Information policy
Shareholder information
Share capitalEquivalent to 100 sharesStock market listingShare register informationCompany headquartersStock price development
Financial Report
Precious Woods Group financial statements
Consolidated statement of profit or lossConsolidated statement of comprehensive incomeConsolidated statement of financial positionConsolidated statement of changes in equityConsolidated statement of cash flowsNotes to the consolidated financial statements
1. Basis of presentation and general accounting policies2. Financial risk management3. Financial information by segment4. Revenue from contracts with customers5. Consumables used and other production costs6. Labour costs7. Other operating income and expenses8. Depreciation, amortization and impairment9. Financial income and expenses10. Property, plant and equipment11. Land12. Biological assets13. Intangible assets14. Investment in associates15. Inventories16. Prepayments17. Trade and other receivables18. Non current financial assets19. Trade and other payables20. Financial liabilities21. Financial instruments by category and Fair value hierarchy22. Leasing23. Share capital24. Major shareholders25. Earnings per share26. Related party balances and transactions27. Provisions28. Contingencies29. Income taxes30. Employee benefits31. Currency translation rates32. Basis of consolidation33. Subsequent events34. Approval of financial statements and dividends
Report of the statutory auditor on the consolidated financial statements
Precious Woods Holding Ltd financial statements
Balance sheets as of 31 December 2019 and 2018Statements of income 2019 and 2018Notes to the financial statements of Precious Woods Holding Ltd
Essential accounting and valuation principles1. General2. Authorized share capital3. Conditional share capital4. Investments in subsidiaries5. Other short term interest bearing liabilities6. Long term interest bearing liabilities7. Board and Executive compensation8. Depreciation, amortization and impairment9. Major shareholders10. Pledged assets / other securities11. Other note / Full time employment12. Other note / Lease liabilities13. Other note / Significant events after the reporting date
Report of the statutory auditor on the financial statements
Additional information
Contact addresses
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Social and environmental sustainability

Precious Woods Amazon passed the recertification audits for FSC and PEFC with excellent results, credibly documenting that we set standards in regard to the sustainable use of our forest areas. We also passed the annual audit of the ministry responsible for forestry, IBAMA, without reservations. We are still working on several scientific projects to examine our activity over the medium and long term and to obtain information to optimize and document our forestry operations. We are also in close and intensive contact with the regional communities, allowing us to undertake useful joint projects. The focus is on forestry training for the local population and work security, but also support for local small businesses through several development projects.

We also engaged in the following activities in the reporting year:

  • The partnership programmes initiated and renewed in 2018 were continued. Directly or indirectly, they benefit more than 1 000 inhabitants.
  • Together with the military police of Itacoatiara, investigations of poaching and illegal woodcutting were conducted in the region. The patrols to secure our forest areas were also intensified, and activities were expanded for example by installing warning signs, distributing information brochures and initiating a series of lectures.
  • In cooperation with EMBRAPA (Brazilian Agricultural Research Corporation), we started a project on the measuring of tree growth after harvesting and the productivity capacity of the tree population. This project is being continued, providing valuable analysis data over time for scientific purposes. In 2018, 80 permanent monitoring areas were reviewed, and another 100 in 2019.
  • More than 20 different research projects on the environment and sustainability are currently underway in collaboration with INPA (research institute), UFAM (Federal University of Amazonas), EMBRAPA (Brazilian Agricultural Research Corporation), UEA (Amazonas State University), and HAFL (Bern University of Applied Sciences, School of Agricultural, Forest and Food Sciences)).
  • We continue to strive to promote products from the agricultural production of the communities, such as cassava flour, fruit pulp, tucumã, rambutan, and vegetables. This enriches the diet of the local population, and we ourselves are an important purchaser of the products. We also continue to support the extraction of non-timber forest products (oils, resins, seeds, and other natural essences). These are traditionally processed by the communities, and the marketing thereof contributes to their income.
  • In addition, we continue to be active in offering courses for vocational development and improvement of skills for the manufacture of handicrafts. This program is done in partnership with CETAM (Center for Technological Education of Amazonas) and SENAI (National Industrial Learning Service). These courses provide the local population with the opportunity to improve their income with the manufacture and sale of handmade products.